Terra (LUNA) continues the positive climb it resuscitated on Apr. 24, reaching intraday highs of $96.42 on Monday. At the time of publication, LUNA was trading at $95.83, being a top performer amid the top ten asides from Dogecoin. Terra is up 5.34% in the last 24 hours and 8.24% higher since the past week. It has been a positive 2022 for the Terra ecosystem, supporting a jump in total value locked (TVL). According to Defi Llama, Terra’s total value locked (TVL) increased significantly to stand at $21.6 billion, at the time of writing. The travel company, Travala has announced that Terra holders can book diving lessons and pay for deep-sea diving to any destination of their choice with UST. Terra’s stablecoin UST has surpassed Binance USD (BUSD) to rank the third largest stablecoin at the time of publication. Only USDT and USDC have greater market caps.
Key Levels
Resistance Levels: $120.00, $110.00, $100.00
Support Levels: $85.00, $75.00, $65.00
LUNA/USD Daily ChartTerra LUNA bounced off the horizontal barrier at $90.00 to surpass the daily moving average (MA 50) at $95.00. The bulls have an advantage due to the upsloping moving averages and the bullish relative strength index (RSI). The LUNA/USD pair might retest the all-time high of $119.57. If bulls can keep the price above $90.00, this could signal the start of the next uptrend.
In the meanwhile, staying above the $75.50 support level will be critical in keeping the bears at bay. This support will help the bulls maintain their focus on higher levels. The LUNA/USD pair may retest the ascending trendline support if the price declines from this level and trades below the MA 50 at the $95.00 level.
LUNA/USD 4-Hour ChartLUNA/USD is now consolidating gains near the 4-hour moving average (MA 200) at $96.00. The bulls were able to push the price of LUNA to $96.42 before the halt. Acceptance above the MA 200 at $96.00 could spark new demand, pushing the price of Terra LUNA up to $100. The bulls’ next target is $106, a negative move, on the other hand, might be halted by the 4-hour MA 50 at $91.20.
If the MA 50 is breached, a dramatic plunge towards the ascending trendline support at $80.00 could ensue. The 4-hour relative strength index (RSI) is yet in the overbought territory, indicating that further push might be on the way. The LUNA/USD pair is only bullish when trading above the moving average (MA 50) and the $85.00 level; major resistance is at $100.
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